Webster was founded in 1935 by Harold Webster Smith. Only 24 years old, Smith borrowed from family and friends to found First Federal Savings of Waterbury, a lending institution providing home loans to Connecticut citizens. He served as CEO until 1987 and as chairman of the board until 1995 when First Federal was renamed Webster Bank in his honor. Webster bankers are guided by a set of values handed down from our founder Harold Webster Smith. Those values, combined with our mission and vision, form an unshakeable core that binds us together in pursuit of our ambitious goals.Webster was founded in a 11-by-38-foot office in Waterbury, Conn., in 1935 by Harold Webster Smith when he was 24 years old. He wanted to help his neighbors achieve the dream of homeownership in the midst of the Great Depression, so he borrowed $25,000 from family and friends to found First Federal Savings of Waterbury, a lending institution known locally as "Harold's Bank" that provided home loans at reasonable rates to Connecticut residents.Smith served as CEO until 1987 and as chairman of the board until 1995 when First Federal was renamed Webster Bank in his honor.